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PLEASE answer all the questions with explanation and process so I can understand. Thank you. L Selected account balances from the adjusted trial balance for

PLEASE answer all the questions with explanation and process so I can understand. Thank you. image text in transcribed
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L Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year end December 31, 2013, follow. Problem 13-6AA Income statement computations and format A2 0 Debit Credit $ 14,000 a. Interest revenue 34,000 25,850 44,000 d. Accounts payable . 106,400 e. Other operating expenses. 71,600 44,000 174,500 h. Accumulated depreciation Buildings. i. Loss from operating a discontinued segment (pretax) j. Gain on insurance recovery of tornado damage (pretax and extraordinary)......... 18.250 29/ 20 998,500 Depreciation expense-Buildings. ...52.000 n. Gain on sale of discontinued segment's assets (pretax) 34,000 23,750 q. Cost of goods sold 482,500 Analyzing and Interpreting Financial Statements Chapter 13 Required Answer each of the following questions by providing supporting computations 1. Assume that the company's income tax rate is 30% for all items. Identify the tax effects and after-tax amounts of the four items labeled pretax. 2. What is the amount of income from continuing operations before income taxes? What is the amount of the income taxes expense? What is the amount of income from continuing operations? 3. What is the total amount of after-tax income (loss) associated with the discontinued segment? 4. What is the amount of income (loss) before the extraordinary items? 5. What is the amount of net income for the year? (3) S11.025 (4) $221.375 (5) $241,759 Check

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